04:52 PM EDT, 04/04/2024 (MT Newswires) -- Caribou Biosciences ( CRBU ) shares rose late Thursday after saying federal regulators have cleared the biopharmaceutical company's application to begin phase 1 testing of its CB-010 cell therapy in patients with lupus nephritis and extrarenal lupus.

The company said it is expecting to begin phase 1 testing in lupus patients by the end of 2024.

CB-010 is Caribou's lead drug candidate using its allogeneic CAR-T cell therapy platform. It previously reported encouraging preliminary safety and efficacy data for CB-010 in patients with relapsed or refractory B cell non-Hodgkin lymphoma.

Caribou also said it can fund its current operating plan into Q1 2026.

Caribou shares rose more than 4% in extended trading, reversing a 3% regular-session decline.

Price: 4.75, Change: +0.21, Percent Change: +4.63